Springpad

Allowed users organize projects, ideas and to-do’s

Description

Springpad, a startup founded in 2008 was once considered an Evernote rival. The Springpad app was designed to empower users to clip, organize, and interpret all types of web content to create a comprehensive hub of articles, videos, images, recipes and more. The Springpad app was designed to empower users by organizing content.

Stats

Category

Productivity

Country

United States

Started

In 2008

Closed

By 2014

Number of Founders

One

Name of Founders

Jason Horman

Number of Employees

Between 11 And 50

Number of Funding Rounds

3

Total Funding Amount

$7.3M

Number of Investors

1

Precise Cause of Failure

Lack of Focus

Business Outcome

Acquired

Cause of Failure

On June 25, Springpad
closed its doors. The company failed to develop a monetization strategy and
despite their best efforts, things just didn’t work out in time. Although their
product anticipated market needs, its market entry timing didn't work out for
them. Before the company realized it, Pinterest, a competitor company was
already doing the same - it was too late. Springpad started facing
financial difficulties that forced it to start looking for additional funding
and even contemplating acquisition by major web players. In the end, Springpad
was acquired by Google. The major reason for the shutdown was having a
short-sighted focus and failure to develop a good strategy that supported its
product.

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Springpad, a startup founded in 2008 was once considered an Evernote rival. The Springpad app was designed to empower users to clip, organize, and interpret all types of web content to create a comprehensive hub of articles, videos, images, recipes and more. The Springpad app was designed to empower users by organizing content.

Cause of Failure

On June 25, Springpad
closed its doors. The company failed to develop a monetization strategy and
despite their best efforts, things just didn’t work out in time. Although their
product anticipated market needs, its market entry timing didn't work out for
them. Before the company realized it, Pinterest, a competitor company was
already doing the same - it was too late. Springpad started facing
financial difficulties that forced it to start looking for additional funding
and even contemplating acquisition by major web players. In the end, Springpad
was acquired by Google. The major reason for the shutdown was having a
short-sighted focus and failure to develop a good strategy that supported its
product.